Copenhagen-based Eupry, a SaaS company, announced on Monday that it has secured €2.4M in funding from The Danish Growth Fund and Ugly Duckling Ventures to help accelerate its international expansion.
The Danish Growth Fund Vækstfonden will take a seat on the board as a new investor.
Eupry: What you need to know
Eupry (Euprymyna Scolopes ) was founded by a team of students – Adam Hartmann-Kruckow, Christian Elster Jacobsen, Sigurd Jervelund Hansen, Noam Ritov, and Jakob Konradsen – as a collaborative project between UNICEF and the Technical University of Denmark (DTU) in 2012.
The company is on a mission to revolutionise how organisations sense, monitor, and document temperatures.
According to the company, the traditional approaches of temperature monitoring are demanding and require many resources that prevent companies from re-investing their funds into achieving higher results.
The Danish hardware-enabled SaaS company protects the supply chain of medicines and environmentally sensitive products through its temperature monitoring services.
“Back in 2012, we became aware that a great deal of medicine around the world is stored under unideal conditions – and therefore may have an inferior or no effect. We wanted to solve that problem and have been working on it ever since,” says CEO and co-founder Christian Jacobsen.
The company aims to demystify regulations and simplify compliant storage and distribution processes.
Eupry also supports further development of various industries, including Laboratory, Pharmacy, Healthcare, Pharma, Food, and more. As a result, Eupry has expanded its customer base to more than 25 countries and major life science companies.
“We worked around the clock to send our measuring equipment by taxis to Danish hospitals, so they could ensure that the precious first vaccines were stored correctly. In addition, our thermometers constantly monitor the temperature where the vaccines are stored and were easy for the healthcare staff to use,” says business development manager and co-founder Adam Hartmann-Kruckow.
Ugly Duckling Ventures is an early-stage venture fund investing in Nordic early-stage companies.
Andreas Rasmussen, co-founder and GP at Ugly Duckling Ventures, says, “Having worked in close collaboration with Christian and the rest of the founder team, we have been impressed with the transparency, responsibility, and performance-focus the team has shown, as well as their ability to make the right decisions – even in difficult times. Eupry continues to perform according to plan, and we are excited to continue our journey together as co-leading investors in their SEED round.”
Vaekstfonden is the Danish state’s investment fund. In close collaboration with banks and domestic and international investors, Vaekstfonden discovers and develops the companies Denmark cannot afford to miss.
Since 1992, Vaekstfonden has contributed more than DKK 44B to help develop and grow more than 11.000 companies.
Nina Haldipur, Senior Investment Manager at Vækstfonden, says, “Safeguarding the healthcare supply chain is of critical importance to society. Eupry is addressing the needs of an ageing and growing population and increased demand for a reliable cold chain. We are impressed by the founding team’s innovative offering, purpose-driven leadership, and track record. Vækstfonden is excited to collaborate with Eupry as they support sustainable healthcare delivery and Denmark’s leading position in health tech.”
Catch our interview with Paul Down, Head of Sales at Intigriti.